Market for Rail Freight Digital Transformation: Rail freight transportation is the long-distance movement of products and cargo between cities and nations using rails or trains. They are primarily utilised for railroad locomotive-hauling bulk commodities and cargo from the point of origin to the final destination. To increase operating efficiency and reduce infrastructure costs, digital transformation services have, however, had a significant impact on the rail freight transportation sector in recent years.
Over the course of the projection period, the market for rail freight digital transformation is anticipated to expand at a CAGR of 8.4%, rising from a market share of US$ 63.69 billion in 2022 to US$ 142.68 billion by 2032.
Digital technologies such as cloud computing, Artificial Intelligence (AI), Internet of Things (IoT), 5G, cybersecurity, big data and analytics have transformed the rail freight business positively. The rail freight digital transformation solution and services are creating new opportunities which are more agile to transform the rail freight business, by developing new models and freight management systems to monitor the core operations of the rail freight transportation industry.
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Rail Freight Digital Transformation Market – Novel Developments
Key players in the Rail Freight Digital Transformation market are focusing on product innovation and strategic partnerships with the technology vendors to collaborate for offering digital transformation solution and services for sustained business growth:
- In 2019, VTG AG- a leading rail logistics company, launched solutions for rail freight transformation under VTG Connect digitization initiative, for optimizing rail freight logistics operations and predictive maintenance.
- In 2018, DXC Technology collaborated with New York Metropolitan Transportation Authority (MTA), to implement enterprise asset management solution for optimizing rail transport maintenance activities to support its digital transformation services.
- In 2018, IT service giant TCS partnered with SAP Leonardo to develop an Intelligent Rail Digital Maintenance (iRDM) solution for conducting predictive maintenance to reduce unplanned network outrage and breakdown, thus increasing the efficiency and boost safety.
- In 2018, Dutch Railways collaborated with Railnova, a leading provider of predictive maintenance and IoT solutions for railways, to deploy real-time monitoring solution to enable predictive maintenance.
